Altai Announces the Closing of Oil Property Acquisition

By Midnight Trader,  January 07, 2013, 11:51:14 AM EDT

Altai Resources Inc. (ATI.V) today reported that the the transaction for the acquisition of part interest in the Cessford Oil property, central Alberta has been finalized in December 2012. This is Altai's first venture into conventional oil exploration and production in Alberta as the Company diversifies its portfolio of investment. Project performance from April 1 to October 1, 2012 (for which the results have been reported by the operator) indicates that cash flow from this project is sufficient to pay for Altai's overhead expenses excluding the legacy costs of the Montreal office which was closed in May 2012, Altai said in a statement. The Company is still paying for that office's leases of premises and equipment until February 2014.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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